According to the latest report of the IMARC Group entitled “Flywheel Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, comprising information on the flywheel energy storage market. The report also includes regional and competitive analysis, and contemporary developments in the global market. The size of the global flywheel energy storage market reached US$295.9 million by 2022. Looking ahead, IMARC Group expects the market reaches US$ 474.9 Million by 2028, exhibiting a growth rate (CAGR) of 7.5% during 2023-2028.
What is flywheel energy storage?
Flywheel energy storage means the methodology of conserving energy through the acceleration of the rotors to significant speeds, preserving it within the system as kinetic energy. It encompasses a rotating entity, commonly a heavy cylindrical rotor, located within a vacuum container to minimize friction and aerodynamic drag. The rotor is connected to an electrical generator, capable of transmuting kinetic energy into electrical energy when necessary. The Flywheel energy storage mechanism works in a high vacuum environment and uses electric motors to convert electrical energy into mechanical power. It is widely used in frequency modulation of power grid, as it features low friction, moderate wind resistance, long service life, environmental safety, and is maintenance-free.
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What are the growth prospects and trends in the Flywheel Energy Storage industry?
The widespread adoption of this process in the automotive, transmission and distribution, and information technology (IT) sectors are among the key factors driving the flywheel energy storage market. In addition, the growing demand for continuous, clean electricity in numerous end-use industries is also fueling market growth. In addition to this, the launch of various government initiatives that encourage clean energy generation is acting as another important growth inducer. Furthermore, the increasing use of flywheel energy storage in aerospace and transportation applications to transfer power and stabilize or drive satellites is further driving the global market. Apart from this, the increasing use of this procedure in grid equalization, renewable integration and power supply to islands and isolated grids is positively influencing the growth of the market. In addition, extensive research and development (R&D) initiatives and breakthroughs, such as electrical machines, magnetic bearings, and high-strength composite materials derived from carbon fibers, are anticipated to boost the flywheel energy storage market over the forecast period. .
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- ABB SL
- Adaptive Balancing Power GmbH
- kinetic amber inc.
- Beacon Power LLC
- Calnetix Technologies LLC
- Langley Holdings plc
- Oxto Energy
- Phillips Service Industries Inc.
- Schwungrad Energy Limited
- Siemens Aktiengesellschaft
- Stornetic GmbH
- Teraloop Oy
Flywheel Energy Storage Market Segmentation:
Our report has categorized the market based on region and application.
Breakdown by application:
- Uninterruptible Power Supply (UPS)
- Distributed power generation
- data centers
Breakdown by region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, others)
Key points from the report:
- Market performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- Value chain
- Comprehensive mapping of the competitive landscape
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